The U.S. attorney’s office alleges the 46-year-old Iselin resident was part of an operation that created more than 7,000 fake identities to get tens of thousands of credit cards. It is one of the largest schemes of its type ever prosecuted by the Justice Department.

The bogus cards were used at Verma’s jewelry store and other locations and the debts were not repaid. Prosecutors estimate the losses for businesses and financial institutions were about $200 million.

Seventeen other coconspirators also have pleaded guilty.

Verma faces a prison sentence of up to 15 years when he’s sentenced in September.